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Tough To Get Signal From ADP Report

US DATA

ADP payrolls data are released at 0815ET/1315BST. Not sure how much "signal" can be taken from this reading, but for what it's worth, survey for May is +650k (prior 742k).

  • Last month's reading will almost surely be revised down heavily (the actual April BLS payrolls reading will be used to re-benchmark last month's ADP, and ADP was 500k+ above private nonfarms last month).
  • ADP employment is not just a seasonally-adjusted version of the sample data from their payroll processing. Rather, the sample data is one of many inputs into a VAR model.

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